Cann Group Secures AU$750,000 Through Convertible Securities Agreement
Cann Group Limited (ASX: CAN) has secured AU$750,000 in funding through a convertible securities agreement with Obsidian Global GP, LLC, with the capital raised before associated costs. The funding is expected to strengthen the company’s working capital position and support its objective of achieving EBITDA positivity.
Under the agreement, the convertible securities carry a face value of US$1.15 each, with no coupon and a maturity period of 18 months from the execution date. The premium conversion price is set at AU$0.015 per share, while the variable conversion price will be determined based on a discount to recent trading VWAP levels.
As part of the arrangement, 18,750,000 placement shares will be issued, consisting of both new and existing shares. Furthermore, pending shareholder approval, Obsidian could be granted 25,000,000 options, each carrying an exercise price of AU$0.015.
The financing is expected to enhance Cann Group’s liquidity as it continues to expand its medicinal cannabis production and supply operations.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au
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Cann Group Secures AU$750,000 Through Convertible Securities Agreement
Cann Group Limited (ASX: CAN) has secured AU$750,000 in funding through a convertible securities agreement with Obsidian Global GP, LLC, with the capital raised before associated costs. The funding is expected to strengthen the company’s working capital position and support its objective of achieving EBITDA positivity.
Under the agreement, the convertible securities carry a face value of US$1.15 each, with no coupon and a maturity period of 18 months from the execution date. The premium conversion price is set at AU$0.015 per share, while the variable conversion price will be determined based on a discount to recent trading VWAP levels.
As part of the arrangement, 18,750,000 placement shares will be issued, consisting of both new and existing shares. Furthermore, pending shareholder approval, Obsidian could be granted 25,000,000 options, each carrying an exercise price of AU$0.015.
The financing is expected to enhance Cann Group’s liquidity as it continues to expand its medicinal cannabis production and supply operations.
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com.au